Bitstamp Restores XRP Trading After Temporary Glitch

Bitstamp Exchange has announced resumption of XRP trading after it revealed earlier that it suffered a temporary issue with the trading of the coin.

Bitstamp first disclosed the issue on Monday at 18:24 (UTC) but failed to provide enough information about its nature. However, it reassured its community that a dedicated team was working to fix the issue and promised to give updates when they were ready.

We’re having a temporary issue with XRP trading. Our team is working to resolve the issue and will update you soon.

— Bitstamp (@Bitstamp) October 9, 2023

The announcement of the glitch brought apparent frustration as users came on the Bitstamp X timeline to vent. Though unsubstantiated, some users noted that Dogecoin (DOGE) trading pairs were having issues.

Bitstamp Back on Track

After a few hours, Bitstamp said it had resolved all the issues and that the XRP trading had resumed. The exchange noted that it had to “cancel all open orders on affected XRP markets” before the glitch was discovered at 18:00 (UTC). The exchange asked Users affected by this cancellation to resubmit their orders. 

Interestingly, when the exchange announced the issue, Bitstamp users took to X to report a strange massive drop in the asset’s price on the platform. XRP had crashed to $0.4587. TradingView data corroborates these claims, suggesting the crash occurred at 09:00 (UTC).

Bitstamp is arguably one of the biggest backers of XRP. The trading platform joined other exchanges, including Coinbase, to relist the coin in July after Judge Analisa Torres declared it a non-security.

Since then, Bitstamp has been rolling out several XRP-focused products to serve its users. One of these products, as reported earlier, is the 2% APY on XRP lending, launched in August. Over time, the exchange has increased the XRP lending yield to 30 days to serve its customers better.